Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 23 November 2016

Australians the world's 2nd richest

Oz in second spot

Which are the wealthiest countries in the world?

After Switzerland (US$562,000), comes Australia (US$375,600), according to the latest Credit Suisse Global Wealth Report. 

Australia actually scores higher still on a constant exchange rate basis at US$433,200.

Second in the world, how about that?

Spoiled Australians are in another world when compared with the global average of US$52,600.

And Credit Suisse sees no end to Australia's increasing wealth, predicting that it will rise by a further 34 per cent over the next five years.

Australia has "relatively low" wealth inequality, according to Credit Suisse, with only 11 per cent of adults having a net worth of under US$10,000.

This compares favourably with 22 per cent for the UK and 35 per cent for the US.

Morose Britons saw US$1.5 trillion of combined wealth wiped out by the Brexit referendum. 

Wealthy, and ultra-high net worth (UHNW)

1.1 million of us in Australia can call ourselves millionaires, slightly fewer than in the prior year, in part due to changes in the exchange rate with the greenback. 

Just 2,200 Australians had an ultra-high net worth of above US$50 million.

Only 18 per cent of Australia's household wealth is held in equities, reflecting the relative importance of housing.